Point Factor Method
The criteria for job evaluation that equitably determines the appropriate compensation for jobs in an organization is arguably one of the principal challenges for human resource managers. This is especially because human resource managers are required to ensure that how they work out and apply the criteria does not show partiality unlawfully. Quite a large number of compensation determination processes have been in existence. However, one of the most used methods is the old, conventional and internal-based method known as the Point Factor Method. As much as the Point Factor Method has recently undergone a series of changes, it still incorporates the foundational concepts. The Point Factor Method is arguably the most commonly used job evaluation approach. It is a technique that incorporates a collection of compensable factors that measure as well as determine how much a job is worth. The growth of organizations and the evolution of personnel functions has provided systems, such as the Point Factor Method, with an opportunity for the provision of a rational method of reducing inconsistencies in the evaluation of compensation.
The Point Factor Method identifies four principal compensable factors against which the compensation for a certain job is determined. The factors include responsibilities, skills required for the job, effort, as well as working condition. Responsibilities include fiscal accountability, number of direct reports, as well as the position itself, while skills are defined as the level of education, overall ability and years of experience that the employees incorporate. Working conditions incorporate the overall environmental factors like hazards, location, as well as any extreme hazards that a certain job comes with, while effort is defined as the level of physical and mental effort involved in the accountability of the job.
THE POINT FACTOR METHOD APPLIED IN PHARMACY
One of the unique or distinctive and sought-after fields in the United States is in the healthcare industry, namely pharmacy. Many young people aspire to be pharmacists thanks to the field’s prestige, as well as the high remuneration or compensation packages. However, it is worth noting that compensation for the job is not easy to determine in varied facilities. This, therefore, underlines the importance of applying the Point Factor Method in pharmacy careers to determine the appropriate compensation for pharmacists.
Responsibilities of pharmacists
Pharmacists have quite a large number of duties and responsibilities. They are required to fill prescriptions and verify the instructions from the physicians as pertaining to the appropriate dose doses for the patients. In addition, they should ascertain that the assigned prescriptions would not interact inappropriately with some other medications or drugs that the patient is consuming at that time, or even his condition. Once the pharmacists have assigned certain medication to the patients, they should advice them on how and when they should take the medication, as well as inform them on any side effects with which the medication comes. In some cases, pharmacists are required to advice their clients as pertaining to fundamental health topics including stress management, how to take exercises, and diets. Pharmacists also play a key role in completion of insurance forms, and work hand-in-hand with the insurance providers or companies to ensure that their patients are accorded the most appropriate medication for their condition. Lastly, pharmacists are charged with the responsibility of teaching and instruction of other practitioners in the healthcare as to the appropriate medication and therapies for their patients. It is noteworthy, however, that pharmacists’ responsibilities are determined by the institutions in which they work.
In some cases, pharmacists work in specialized fields. These include clinical pharmacists and consultant pharmacists. Clinical pharmacists mainly spend their time offering direct patient care rather than dispensing prescriptions. On the other hand, consultant pharmacists offer advice to insurance companies, providers, and healthcare facilities on how the efficiency of pharmacy services may be increased.
Skills required for pharmacists
As much as this job comes with a lot of prestige and compensation, it also places tough skill requirements on aspirants. Pharmacists are required to go to an accredited school and get a Doctor of Pharmacy (Pharm. D) degree. Before applicants are accepted in Doctor of Pharmacy programs, they are required to go through a post-secondary course in areas such as anatomy, chemistry and biology. In addition, the applicants may need to undergo undergraduate study for a minimum of two to three years, as well as take the Pharmacy College Admissions Test.
The degree programs for doctor of pharmacy usually go for four years. It is noteworthy that the programs not only offer medical ethics and pharmacology, but also supervised work experiences in varied settings.
In cases where the pharmacist is working in an advanced position, he or she would need to finish 2 years of residency after the Doctor of pharmacy degree. In addition, pharmacists are required to undergo two tests or exams so as to be licensed. One of the exams tests their pharmacy knowledge and skills, while the other tests their knowledge of the pharmacy law governing the state licensing them.
Working conditions for pharmacists
A large number of pharmacists work in the retail sector of the healthcare industry, where they dispense medications and guide patients on prescriptions. For these, the working conditions are relatively the same. They work in well-lighted, clean and well-ventilated environments. It is worth noting that pharmacists in the retail sector spend a large proportion of their workday standing.
Since pharmacists are primarily involved with drugs and medications, it is inevitable that they encounter dangerous or sterile pharmaceutical products. In essence, they must wear masks, gloves, and other protective clothing.
Pharmacists not only work for extended hours, but may also be required to work during the night, on holidays and even weekends. This is because pharmacies are open around the cloth or for extended hours, even on weekends and holidays. Pharmacists employed on the full-time basis work for an average of 40 hours per week, with some working for more than fifty hours every week. This is because some pharmacists take up the duties of physicians involving patient care or therapy.
- Effort in pharmacy
Apart from the skills required for the performance of the pharmaceutical job, there are some skills that have to be inherently embedded in an individual. First, pharmacists require strong memorization skills. This is because pharmacists need to have a clear understanding of numerous medications, including their side effects, brand names, as well as likely drug interactions. In any case, numerous drugs and medications are produced every once in a while, whose details the pharmacists must have before dispensing to their patients.
Second, pharmacists must pay attention to detail. In essence, they have to ensure accuracy in prescribing medications in terms of the appropriate drug in the right dosage and the right amount. This calls for a clear knowledge and assessment of drugs, which is based on a genuine interest in medications, drug therapy, as well as their operation.
Third, pharmacists must have strong analytical skills. In this case, they have to prescribe safe medications efficiently. In essence, they must have the capability to evaluate the needs of the customer, evaluate the orders of the prescriber, as well as incorporate extensive knowledge on the side effects and the right effects of certain medications.
Lastly, pharmacists must have impressive communication skills or people skills. This is especially because they are primarily involved in offering advice to their customers or patients. In essence, pharmacists must be capable of communicating clearly to ensure that the patients, physicians and other healthcare officials understand the various aspects of the medication.
Determination of compensation
With the outlined skills, responsibilities, efforts and working conditions for pharmacists, it may be a tall order to determine their appropriate compensation. Evidently, they would require quite an amount to compensate for the high educational capabilities required, the tough working conditions, as well as the responsibilities with which they are charged.
However, the evaluation of the worth or value of the job should be determined by taking into consideration the responsibilities, as well as the skills necessary for the execution of the responsibilities. This is because the job may require almost the same skills as several other jobs in the healthcare sector. The working conditions are also similar with the only difference being in the responsibilities and the effort required to carry out the responsibility. This would solve the compensation dilemma.